Bitcoin miners repurpose massive data farms for AI as crypto profits dwindle

The recent decline in Bitcoin’s market value has prompted a wave of conversions among major mining operators, who are now offering their extensive computing resources to AI developers. Notable agreements include a $9 billion, 20-year compute contract between Riot Platforms and Anthropic, and a 16-year deal by Bitdeer to supply AI compute for the same company. Firms such as TerraWulf, Ionic Digital, Core Scientific, Iris Energy, Hut 8 and others are shifting investment toward AI and high-performance computing, with some changing their corporate names to signal the pivot.

Kazakhstan-based Enegix’s chief executive, Yerbolsyn Sarsenov, announced plans to align its energy and infrastructure with AI projects. Analysts warn that retrofitting these multi-gigawatt facilities makes a return to pure Bitcoin mining unlikely, though some operators, like Bitdeer’s chief strategy officer Haris Basit, envision a dual-purpose model that can toggle between mining and AI workloads.